New Year To-Dos for Managing Medicare in 2023
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New Year To-Dos for Managing Medicare in 2023

New Year To-Dos for Managing Medicare in 2023

The New Year is a time for fresh starts and resolutions. If you're an older adult in Palo Alto, Santa Clara, Sunnyvale, or Menlo Park, it's also the perfect time to get your Medicare plan in order. Whether you already have a Medicare plan or are just beginning to explore your options for 2023 coverage, understanding how this vital program works can help ensure that you receive the care and benefits that meet your needs. Here are some of our top tips for managing Medicare this year. 

Medicare Overview: What to Know

Medicare is a federal health insurance program. It's made up of four parts:

  • Part A (hospital coverage)
  • Part B (medical coverage)
  • Part C (Medicare Advantage plans)
  • Part D (prescription drug coverage)

Each part provides different types of benefits and comes with its own cost structure.

To qualify for Medicare, you must be either:

  • 65 years or older
  • Under 65 and receiving Social Security Disability Insurance (SSDI) benefits for 24 months
  • Any age with end-stage renal disease

If you're already enrolled in a health insurance plan through an employer or union when you turn 65, specific rules may apply. You'll want to understand these requirements before making any decisions about your coverage.

Understanding Your Options: Traditional vs. Supplemental Plans

Once you've determined your eligibility for Medicare, you'll need to understand the different types of plans available. The traditional Medicare plan consists of Parts A and B and is offered through the federal government. It covers many basic medical services but may require additional out-of-pocket costs like copayments, coinsurance, or deductibles.

Alternatively, supplemental plans can be purchased from private insurance companies to provide additional coverage beyond what original Medicare plans have. These supplemental plans include Part C (Medicare Advantage), which consists of both Part A and Part B benefits, extra coverage such as vision care or prescription drugs, and Part D (prescription medication) coverage.

Choosing the Right Coverage for You

Choosing the right coverage for your needs can be daunting, so take the time to research and compare your options. Consider things like:

  • How often you visit the doctor or need prescription drugs
  • What type of services are most important to you
  • If there are any special requirements such as long-term care or out-of-state travel

It may also be helpful to consult with an insurance agent specializing in Medicare plans or seek advice from an elder law attorney who understands the nuances of this complex system.

When choosing a plan, be sure you consider the cost. Most Medicare plans have premiums that need to be paid monthly in addition to any copayments or coinsurance. Additionally, some supplemental plans may include extra costs such as annual deductibles and out-of-pocket limits on services. 

How to Enroll

If you've determined that a Medicare plan is right for you, the next step is to enroll. You can do this online through the official Medicare website or by calling their toll-free number at 1-800-MEDICARE (1-800-633-4227). Enrollment periods may vary depending on your situation, so check deadlines and any special rules that may apply.

Where to Find Help Navigating Medicare

Several resources are available to assist with understanding the system and making the right decisions about your coverage. This includes:

  • Your local Area Agency on Aging (AAA) can provide information and assistance in choosing a plan
  • State Health Insurance Assistance Programs (SHIPs) that offer one-on-one counseling
  • Independent insurance agents specializing in Medicare plans

Making the most of your Medicare coverage in 2023 doesn't have to be complicated, but it does require some planning and research. By taking the time to understand your options and enroll in the right plan, you can ensure that you have the coverage you need to stay healthy and active all year.

Feeling Overwhelmed About Healthcare Choices?

If you're still overwhelmed by Medicare, our Senior Helpers Palo Alto team can help! We specialize in providing personalized assistance to seniors in Palo Alto, Santa Clara, Sunnyvale, and beyond. That includes helping to connect you with resources for advice on choosing the right plan to enroll in coverage. Call us today at 650-226-0210 or contact us through our website to learn more about how we can help you navigate Medicare in 2023.